CBDT Extends ITR Filing Due Date to September 15, 2025 – Major Relief for Taxpayers

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In a significant update for taxpayers across India, the Central Board of Direct Taxes (CBDT) has officially extended the Income Tax Return (ITR) filing due date for Assessment Year (AY) 2025-26. The previous deadline of July 31, 2025, has now been extended to September 15, 2025, offering much-needed breathing room for individuals and businesses alike. Why Has the ITR Filing Due Date Been Extended? According to the Income Tax Department, the revised ITR forms for AY 2025-26 have undergone major structural and content changes to simplify the compliance process and improve the accuracy of tax reporting. These updates have made it necessary to develop, integrate, and thoroughly test the new ITR utilities before they are rolled out for public use. TDS Credit Delay Also a Factor Another reason behind the extension is the delay in Tax Deducted at Source (TDS) credit availability. Although TDS statements are required to be filed by May 31, 2025, they are expected to start reflecting in the income tax system only by early June 2025. Without an extended deadline, the effective filing window for taxpayers would have been too narrow, increasing the risk of errors and mismatches. Aimed at Smoother Filing Experience The CBDT’s decision takes into account multiple concerns raised by taxpayers, chartered accountants, and industry professionals, who feared last-minute technical issues and compliance hurdles due to the compressed timeline. By granting this extension, the department aims to provide a more convenient, error-free, and digitally efficient income tax filing experience. Official Notification on ITR Extension to Follow While the extension has already been announced via the Income Tax Department’s official “X” (formerly Twitter) handle, a formal notification confirming the new ITR due date is expected to be released shortly. What Should Taxpayers Do Now?
  • Stay updated with the official CBDT notification.
  • Review the new ITR forms and get familiar with format changes.
  • Ensure that your TDS details are correctly reflected.
  • Consult your tax advisor or CA early to avoid last-minute complications.
This proactive step by the CBDT reinforces its commitment to easing the ITR filing process in India, while encouraging accurate and timely submissions.

🚨 Attention NGOs, Trusts & Societies: 80G & 12A Renewal Deadline is Approaching!

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If you are managing a non-profit organization, trust, or NGO in India, this is a crucial reminder: Your 80G and 12A registrations need to be renewed to continue enjoying tax exemptions and maintaining donor credibility. With the deadline fast approaching, now is the time to take action and ensure compliance under the latest Income Tax rules. 📘 What are <80G & 12A Registrations?
  • Section 12A: Offers income tax exemption for the organization itself.
  • Section 80G: Allows donors to claim tax deductions on the donations made to your entity.
Together, they are essential for the legal and financial sustainability of charitable organizations in India. 🧾 Why is Renewal Now Mandatory? In line with the amendments introduced in 2020, all entities registered before April 1, 2021, under 80G or 12A are required to revalidate their registrations through Form 10A or 10AB. ❌ What Happens If You Don’t Renew?
  • Your registration may become inoperative
  • You may lose your tax-exempt status
  • Donors may not be eligible for tax benefits
  • This could significantly impact fundraising and compliance reputation
📅 What is the Deadline? The due date depends on when your earlier registration was granted. Most NGOs who received their registrations before April 2021 were initially given provisional validity for 3 years. For many, this 3-year period is ending in 2024-25, so the renewal deadline is nearing. ⏳ Exact dates can vary—stay updated via the official Income Tax Portal 🧑‍💼 Who Needs to Renew? ✔️ All NGOs, charitable trusts, and societies registered under:
  • Section 12A / 12AA for income tax exemption
  • Section 80G for donor tax benefits
  • ✔️ Entities registered before 1st April 2021
They must file:
  • Form 10A – For provisional to final registration
  • Form 10AB – For revalidation after expiry or changes in activity
📂 Documents Needed Ensure the following documents are in order before filing:
  • PAN Card of the NGO/trust
  • Certificate of Registration
  • Trust Deed / MoA
  • Audited financials for the last 3 years
  • Summary of charitable activities
🧭 Step-by-Step Process to Renew
  1. Log in to the Income Tax e-filing portal
  2. Navigate to the "File Forms" section
  3. Choose the applicable form (10A or 10AB)
  4. Upload all necessary documents
  5. Submit with digital signature (DSC) or EVC
  6. Await acknowledgment and processing
🔔 Final Reminder Failing to file on time may result in loss of tax benefits, reduced donor confidence, and non-compliance penalties. If you haven’t started the process yet, now is the time. Stay compliant. Stay eligible. Stay informed.

💡 How Startups Can Save Tax Legally in India – 2025 Guide

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As India continues to foster its startup ecosystem, entrepreneurs are increasingly seeking legal and efficient ways to minimize tax liabilities and maximize profitability. In 2025, the government continues to offer several tax-saving opportunities for startups, but it’s crucial to understand and utilize them properly to remain compliant while reducing the tax burden. This guide outlines legitimate, government-backed tax-saving strategies that Indian startups can use in 2025. 🚀 1. Register Under the Startup India Scheme Startups recognized under the Startup India initiative by the Department for Promotion of Industry and Internal Trade (DPIIT) enjoy several tax benefits, including:
  • 100% Tax Exemption on profits for 3 consecutive years out of the first 10 years (under Section 80-IAC), provided annual turnover doesn’t exceed ₹100 crore.
  • Exemption from Angel Tax under Section 56(2)(viib) if the startup is DPIIT-recognized and meets specific conditions.
📝 Eligibility:
  • Incorporated as a private limited company or LLP
  • Turnover not exceeding ₹100 crore
  • Not more than 10 years old
🛡️ Who Must File the Renewal? 2. Opt for the Presumptive Taxation Scheme (If Eligible) Startups with lower turnover may choose the presumptive taxation scheme under:
  • Section 44AD – For businesses with turnover up to ₹2 crore
  • Section 44ADA – For professionals with gross receipts up to ₹50 lakh
This allows you to declare profits at a prescribed rate (6%-8%) without maintaining detailed books of accounts, significantly reducing compliance costs and tax liabilities. 📊 3. Take Advantage of Section 35 for R&D Deductions If your startup is involved in scientific research or innovation, you can claim tax deductions under Section 35 of the Income Tax Act:
  • Weighted deductions for expenses on in-house R&D facilities
  • Deduction for contributions made to approved research associations or institutions
This is particularly useful for tech-based and biotech startups. 🏢 4. Depreciation Benefits Under Section 32 New businesses often invest heavily in assets and infrastructure. Section 32 allows depreciation on tangible and intangible assets, reducing the taxable income over time.
  • Consider opting for the igher initial depreciation (additional depreciation) benefit if eligible, particularly for manufacturing startups.
📥 5. Carry Forward and Set Off of Losses Startups recognized under the DPIIT are allowed to carry forward losses for up to 8 years, even if there’s a change in shareholding, provided the original shareholders continue to hold shares. This can significantly reduce the tax burden once the startup becomes profitable. 🧾 6. GST Input Tax Credit For startups registered under GST, Input Tax Credit (ITC) on business-related purchases like software, office supplies, professional services, etc., can be claimed to reduce the net GST payable. ✔️ Ensure proper invoicing and filing to take full advantage. 🪙 7. Utilize Deductions for Expenses Incurred Several expenses are fully or partially deductible under the Income Tax Act if they are incurred for business purposes:
  • Rent and utilities
  • Salaries and wages
  • Internet and software costs
  • Professional services and consultancy fees
  • Marketing and advertisement expenses
Ensure these are well-documented and justified as necessary business expenditures. 🧠 Final Thought Tax planning is not tax evasion. With careful structuring, smart registration choices, and full use of available deductions and exemptions, startups can legally save a significant amount of tax in India. To stay ahead in 2025, every startup should:
  • Understand the provisions of the Income Tax Act
  • Stay updated with government notifications
  • Consult qualified tax professionals when needed

Think Twice Before Using Fake Rent Receipts: Income Tax Verification and Penalty Guide!

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Many salaried employees claim House Rent Allowance (HRA) exemption to reduce their taxable income. However, in a bid to save more tax, some go a step further— submitting fake rent receipts, often in the name of relatives, without any actual rent transaction. This might seem like a harmless shortcut, but it's a serious offense under Indian tax laws. The Income Tax Department has significantly enhanced its verification mechanisms, and taxpayers found guilty of submitting fraudulent HRA claims can face steep penalties, interest charges, and even criminal prosecution. Is Paying Rent to Relatives Legal? Yes, paying rent to parents or other relatives is completely legal, provided:
  • You actually reside in the rented accommodation.
  • There’s a valid rent agreement in place.
  • The rent is paid regularly, ideally through bank transfers or online payment apps.
  • The recipient (landlord) declares the rent received as income in their ITR.
  • If annual rent exceeds Rs 1,00,000, the PAN of the landlord must be provided to the employer.
The problem arises when people forge rent receipts or make false claims without any actual rent being paid or documented. How Does the Income Tax Department Detect Fake Rent Claims? The department now uses advanced data analytics, PAN databases, bank records, and employer filings to identify inconsistencies. Some key red flags include:
  • No corresponding rent income declared by the relative in their ITR.
  • No bank transaction trail for the rent payments.
  • Landlord PAN is fake, missing, or does not match the name.
  • Repeated claims with identical receipts for different years.
  • Suspiciously round figures like 10,000/month, without evidence.
In many cases, employers are also questioned for not validating documents before allowing exemptions. Penalties for Submitting Fake Rent Receipts Making a false HRA claim can lead to multiple severe penalties under both Income Tax laws and Indian Penal Code (IPC): 1. 200% Penalty Under Section 270A (Misreporting of Income) If the department finds that you misreported income by submitting fake receipts, you can be fined up to 200% of the tax evaded. Example: If your fake claim reduced tax by 25,000, you could be penalized ₹ Rs 50,000 or more. 2. Interest on Tax Due (Sections 234A, 234B & 234C) You’ll also be liable to pay interest on the unpaid or underpaid tax. This can add up significantly, especially if the discrepancy spans multiple years. 3. Criminal Charges Under IPC for Forgery and Cheating In serious cases, you can be prosecuted under:
  • Section 420 – Cheating and dishonestly inducing delivery of property (punishable with imprisonment up to 7 years and fine).
  • Section 468 – Forgery for the purpose of cheating (punishable with imprisonment up to 7 years and fine).
These are non-bailable, criminal offenses and can result in a permanent criminal record. 4. Employer Scrutiny and Penalty Employers who fail to verify rent receipts properly may also face compliance issues. If the Income Tax Department disallows HRA exemptions granted by the employer, both the employer and employee can come under scrutiny. Best Practices to Claim HRA Legally If you're genuinely paying rent to a relative, follow these steps:
  • Draft a rent agreement clearly mentioning terms and amount.
  • Pay rent via bank transfer—avoid cash payments.
  • Ensure the landlord (even if a relative) declares the rental income in their ITR.
  • Keep PAN details of the landlord if rent exceeds 1,00,000 per year.
  • Preserve all supporting documents for at least 6 years in case of future scrutiny.
Conclusion: Don't Let a Shortcut Lead to Serious Trouble Claiming HRA exemptions is your right, but it must be done honestly and transparently. Submitting fake rent receipts, even to relatives, can lead to financial losses, legal battles, and even jail time. The Income Tax Department is smarter than ever, and the cost of getting caught far exceeds the tax you think you're saving. It's always better to stay compliant, maintain proper records, and avoid shortcuts. Honesty is not just ethical—it’s financially wise.
senior citizen tax relief

Big Tax Relief: Senior Citizens Exempt from 10% TDS on FD Interest! Stay Updated – Camsol Advisory

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In a significant development, senior citizens can now enjoy a tax exemption on Fixed Deposit (FD) interest. The government has introduced a tax concession aimed at benefiting the elderly population. If you're a senior citizen looking to avoid the 10% Tax Deducted at Source (TDS) on your FD interest, there are important measures you need to take.  Let's explore the rules and steps you should follow to avail this exemption. Submitting Self-Declaration Forms: At the beginning of the financial year, senior citizens should submit self-declaration forms to their bank. These forms include Form 15G and Form 15H. By doing so, you can request the bank not to deduct tax on the interest if your taxable income falls below the tax-exempt limit. Form 12BBA for Senior Citizens Aged 75 and Above: Starting this year, senior citizens aged 75 years and above, who do not wish to file income tax returns, can submit Form 12BBA to their bank. This form allows them to be exempt from filing income tax returns altogether. Eligibility Criteria for Exemption: To be eligible for the income tax return exemption, senior citizens must have income only from interest on pension and fixed deposits. Additionally, the pension and fixed deposit should be held in the same bank. Form 12BBA requires various details to be filled in, including deductions under sections 80C to 80U, tax rebate under section 87A, and total income from interest on fixed deposits and FDs. How it Works: Once the form is submitted, the bank calculates the total income of the taxpayer. This calculation considers tax deductions and rebates under section 87A, deducting the applicable tax from the final income based on the slab rate. Assistance from Banks: The Central Board of Direct Taxes (CBDT) has instructed banks to assist senior citizens in filling out Form 12BBA. This support ensures a smooth process, as senior citizens often find it challenging to navigate the ever-changing rules of income tax filing. Benefits of Submitting Form 12BBA: Apart from the exemption, submitting Form 12BBA offers additional advantages for senior citizens. One such benefit is the elimination of concerns regarding the refund of tax deducted on FD interest. If a senior citizen aged 60 years and above has an interest income exceeding Rs 50,000 in a financial year, the bank will deduct 10% TDS. However, by submitting Form 12BBA, the taxpayer will only have to pay a reduced tax amount of Rs 52,500, thereby receiving a refund of Rs 17,500. 20% Tax Penalty for Failure to Submit PAN Card: If a depositor fails to submit their Permanent Account Number (PAN), a higher tax rate of 20% will be levied on the FD interest. In cases where the interest received is within the exemption limit, but the bank still deducted TDS, taxpayers can claim a refund while filing their income tax return. Conclusion: The recent income tax exemption for senior citizens provides a valuable opportunity to avoid paying 10% TDS on FD interest. By following the necessary steps, such as submitting the required forms and seeking assistance from banks, senior citizens can enjoy a hassle-free tax filing experience. Take advantage of this breakthrough and maximize your tax benefits today.
itr filing early

Benefits of Filing Income Tax Returns Early | Camsol Advisory

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Filing income tax returns early may not be on everyone's to-do list, but it can offer numerous advantages. By completing this crucial task well before the deadline, you not only minimize the risk of penalties but also gain peace of mind. In this blog post, we'll explore the various benefits of filing income tax returns early and why it's a smart move for your financial well-being.     1. Avoid Penalties and Interest Charges: One of the most significant benefits of early filing is the ability to avoid penalties and interest charges. When you file your returns before the due date, you reduce the risk of missing the deadline, which could result in financial penalties imposed by the tax authorities. By filing early, you also give yourself ample time to rectify any errors or missing documents, ensuring a smooth and penalty-free tax filing process. 2. Expedited Refunds: If you're eligible for a tax refund, filing early means receiving your refund sooner. The earlier you file, the quicker the tax authorities can process your return and issue your refund. By accessing your refund sooner, you can put the funds to good use, whether it's paying off debts, making investments, or saving for future goals. 3. Reduced Stress and Peace of Mind: Tax season can be a stressful time for many individuals. By filing your income tax returns early, you alleviate the last-minute rush and the anxiety that comes with it. Instead of scrambling to gather documents and complete your return at the eleventh hour, early filing allows you to approach tax season with a sense of calmness and organization. Moreover, it frees up mental space to focus on other important aspects of your financial life. 4. Opportunity for Tax Planning: Filing early provides you with ample time for tax planning. It allows you to review your financial situation, identify potential deductions or credits, and explore strategies to optimize your tax liability. By planning ahead, you can consult with tax professionals, analyze investment opportunities, and make informed decisions that can positively impact your tax returns. 5. Correcting Errors and Avoiding Audits: Mistakes on tax returns can happen to anyone. However, filing early gives you the advantage of identifying and correcting errors before submission. By taking the time to review your returns meticulously, you minimize the chances of triggering an audit or drawing unnecessary scrutiny from tax authorities. Early filing allows for a thorough review and the opportunity to provide accurate and complete information. Conclusion: Filing income tax returns early offers numerous benefits that go beyond just meeting the deadline. From avoiding penalties and interest charges to reducing stress and gaining peace of mind, early filing is a smart financial move. It allows for better tax planning, faster refunds, and the opportunity to correct errors before submission. Make the wise decision this tax season and file your income tax returns early to reap these advantages and enjoy a smoother, less stressful tax-filing experience. Remember, consulting a tax professional or referring to official tax guidelines is crucial to ensure accurate and up-to-date information for your specific tax situation. Camsol Advisory provides ongoing support, clarifying tax matters and addressing any issues that arise. By partnering with us, you gain peace of mind, reduced stress, and a seamless tax filing experience. Take advantage of early filing and rely on Camsol Advisory for efficient, accurate, and hassle-free income tax return filing. Thanks for reading our blog, please share your valuable feedback below.

Factors to consider when naming your NGO

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How to Name Your NGO

When starting an NGO, one of the most important decisions you will make is choosing a name. Your name is the first impression potential donors, volunteers, and partners will have of your organization, so it is important to choose something that is memorable, meaningful, and easy to spell and pronounce.

Here are a few tips for choosing the perfect name for your NGO:

ngo name

Think about your mission

What is the purpose of your organization? What do you hope to achieve? Your name should reflect your mission and values.

Get a unique name

A unique name plays a vital role in differentiating your NGO, establishing a strong brand identity, avoiding confusion, enhancing your online presence, complying with legal requirements, and making a lasting impact on your target audience.

Keep it short and simple

People should be able to remember your name easily. Avoid long, complicated names that are difficult to spell or pronounce.

Be creative

Don't be afraid to think outside the box when it comes to naming your organization. Use your imagination and come up with a name that is unique and memorable.

Check for trademarks

Before you choose a name, make sure it is not already trademarked by another organization. You can do a trademark search online.

Register your name

Once you have chosen a name, you need to register it with the government. This will help to protect your organization's name and prevent others from using it.

Here are a few examples of well-chosen Indian NGO names:

  • Aangan: This name means "courtyard" in Hindi, and it is a fitting name for an NGO that works to empower women and children. The courtyard is a traditional place for women to gather and socialize, and it is also a place where children can play and learn. The name Aangan evokes a sense of community and support, which are essential ingredients for social change.
  • Barefoot College: This name is a reference to the fact that the founder of the organization, Bunker Roy, believed that education should be accessible to everyone, regardless of their social status or financial situation. The name Barefoot College is a reminder that education is a powerful tool that can help people to lift themselves out of poverty.
  • CRY: This acronym stands for Child Rights and You. This name is a clear and concise way to communicate the organization's mission, which is to protect and promote the rights of children in India.
  • Hamara Mahila: This name means "our women" in Hindi. It is a powerful name that reflects the organization's commitment to empowering women in India.
  • Pratham: This name means "first" in Hindi. It is a fitting name for an organization that is committed to early childhood education. Early childhood education is the foundation for lifelong learning, and Pratham is working to ensure that all children in India have access to quality education.
These are just a few examples of well-chosen Indian NGO names. When choosing a name for an NGO, it is important to consider the organization's mission, values, and target audience. The name should be easy to remember and pronounce, and it should accurately reflect the organization's work. When it comes to registering your NGO, seeking assistance from a seasoned professional like Camsol Advisory can be immensely beneficial. With our 20+ years of experience, we have the knowledge and skills to guide you through the complexity of the registration process.  
ITR filings

How to File an ITR: Essential Dos and Don’ts

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Introduction:

Filing your Income Tax Return (ITR) is a crucial financial obligation for every taxpayer. It not only helps you fulfill your legal responsibilities but also allows you to stay on top of your financial affairs. To ensure a smooth and error-free ITR filing process, it's essential to be well-informed about the dos and don'ts. In this blog post, we will guide you through the key points to consider while filing your ITR, helping you optimize your experience and comply with the tax regulations effectively. ITR Do's and Dont's  

Dos for Filing ITR:

1. Gather all relevant documents: Start by collecting all the necessary documents such as Form 16 (issued by your employer), Form 26AS (annual tax statement), bank statements, investment proofs, and any other relevant supporting documents. This will ensure you have accurate and up-to-date information at hand. 2. Choose the correct ITR form: The Income Tax Department offers different ITR forms based on various categories of taxpayers and their income sources. Selecting the right form according to your income, profession, and sources will streamline the filing process and minimize the chances of errors. 3. Ensure accurate income reporting: Be diligent in reporting all your income sources, including salary, rental income, capital gains, interest income, or any other income earned during the financial year. Any discrepancies or omissions may lead to penalties or legal consequences. 4. Declare exempted income: If you have any income exempted from taxation, such as dividends from mutual funds or long-term capital gains from equity investments, ensure you mention it correctly in the ITR form. Properly declaring exempted income will help you avoid any unnecessary scrutiny from the tax authorities. 5. Double-check calculations and entries: Before submitting your ITR, meticulously review all the calculations, deductions, and entries made in the form. Simple mistakes can cause delays or complications in processing your return. Make use of online tax calculators or consult a tax professional if needed.

Don'ts for Filing ITR:

1. Don't miss the due dates: Failing to file your ITR within the specified due dates can lead to penalties and interest on any outstanding tax liability. Stay updated with the current financial year's deadlines to avoid unnecessary complications. 2. Avoid incorrect personal details: Ensure that you provide accurate personal details such as your name, address, PAN (Permanent Account Number), and contact information. Any errors in personal information may lead to problems in the future, including delayed refunds. 3. Don't forget to report all bank accounts: As per the latest tax regulations, it is mandatory to report all bank accounts held by you, including those that are inactive or dormant. Failure to disclose all bank accounts can attract penalties. 4. Avoid mismatched TDS entries: Carefully verify the Tax Deducted at Source (TDS) details mentioned in your Form 16 with your Form 26AS. Mismatches can cause discrepancies, resulting in additional tax notices or delays in processing your return. 5. Don't ignore tax-saving investments and deductions: Maximize your tax benefits by making use of various deductions and exemptions available under the Income Tax Act. Claim deductions for investments in instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), health insurance premiums, and home loan interest.

Conclusion:

Filing your Income Tax Return doesn't have to be a daunting task. By following the dos and don'ts mentioned above, you can streamline the process, ensure compliance with tax regulations, and optimize your ITR filing experience. However, if you prefer professional assistance to simplify the process and maximize your tax benefits, Camsol Advisory is here to help. Camsol Advisory offers expert guidance and personalized support from a team of experienced tax professionals. We can assist you in choosing the right ITR form based on your income sources, ensuring accurate reporting and minimizing the risk of errors. Our experts can also help you organize and manage your financial documents, ensuring that all relevant information is readily available for a smooth filing process. So, if you're looking for a hassle-free and optimized ITR filing experience, consider reaching out to Camsol Advisory. Let their experts guide you through the process, saving you time, effort, and potential headaches associated with complex tax matters. Start your journey towards seamless ITR filing today with Camsol Advisory by your side. Thank you for reading our guide on filing your Income Tax Return (ITR), Thanks for reading our blog. If you enjoyed it, we’d love to hear your feedback!
partnership company registeration

A Step-by-Step Guide to Registering a Partnership Company in India

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Are you an entrepreneur looking to establish a partnership company in India? Congratulations on embarking on this exciting journey! Registering your partnership company is a crucial step in ensuring long-term success and accessing various benefits. In this comprehensive guide, we will walk you through the detailed registration process for a partnership company in India, providing valuable insights and tips to help you navigate the complexities and optimize your chances of success.      
  1. Gain In-depth Knowledge of the Partnership Company Structure:
Before delving into the registration process, it is essential to familiarize yourself with the intricate details of a partnership company structure. Understand the legal obligations, rights, and responsibilities associated with a partnership, wherein two or more individuals come together to carry out a business venture, sharing both profits and losses.  
  1. Carefully Select an Apt and Distinctive Partnership Name:
Choosing a suitable and distinctive name for your partnership company is a critical aspect of the registration process. Ensure that the name you select is unique, meaningful, and does not infringe upon any existing trademarks. Conduct a thorough search on the Ministry of Corporate Affairs (MCA) website to verify the availability of your chosen partnership name.  
  1. Craft a Comprehensive Partnership Deed:
Drafting a well-defined partnership deed is of utmost importance. This legally binding document outlines the terms and conditions agreed upon by the partners. It includes essential details such as the names of partners, their roles and responsibilities, profit-sharing ratios, capital contributions, and the duration of the partnership. Engage the services of a qualified legal professional to ensure that your partnership deed adheres to the provisions of the Indian Partnership Act, of 1932.  
  1. Obtain a Partnership PAN (Permanent Account Number):
To facilitate seamless financial operations, it is necessary to apply for a Partnership PAN. This unique identification number is required to open a bank account in the name of your partnership company. Submit the PAN application along with the partnership deed, identity proofs, and address proofs of all partners to the nearest Income Tax Office or via the online portal.  
  1. Register with the Registrar of Firms for Enhanced Legitimacy:
Although registration with the Registrar of Firms is not mandatory, it significantly enhances the legitimacy and credibility of your partnership company. Registration offers legal recognition and safeguards the rights and interests of the partners. To register, complete the prescribed application form and submit it, along with the partnership deed, proof of address, and the necessary registration fees.  
  1. Obtain Requisite Licenses and Permits:
Depending on the nature of your business, you may need to obtain specific licenses and permits from relevant authorities. Ensure compliance with the applicable regulations by acquiring licenses such as GST registration, professional tax registration, and a Shops and Establishment Act license. Thoroughly research the licensing requirements and adhere to the procedures to operate your business legally.  
  1. Establish a Bank Account for Your Partnership:
Once you have obtained the Partnership PAN and completed the necessary registrations and licensing, proceed to open a bank account exclusively for your partnership company. Submit the required documents, including the partnership deed, PAN, address proofs, and identity proofs of all partners. Choose a bank that caters to the needs of businesses and provides favorable banking services.   Conclusion: Registering a partnership company in India is a critical step in establishing a strong foundation for your business's long-term success. By following the step-by-step registration process outlined in this guide, you can ensure legal recognition and enjoy the benefits and protections that come with it. It's important to note that the registration process can be complex and may require expert guidance. Camsol Advisory is a reputable firm that specializes in assisting entrepreneurs with partnership company registration in India. Consider reaching out to us for professional advice and support throughout the registration process. Wishing you prosperity and fulfillment in your entrepreneurial journey!
e invoicing

Indian Government Reduces E-Invoice Limit to Rs. 5 Crores

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The Indian government has recently announced its decision to reduce the e-invoice limit from Rs. 10 Crores to Rs. 5 Crores from 1st August 2023. This means that businesses with a turnover above Rs. 5 Crores will be required to generate electronic invoices for their transactions. The move is aimed at promoting digital transactions and reducing the scope for tax evasion. What is E-invoicing? E-invoicing is the process of electronically generating and submitting invoices for business transactions. It is an efficient and convenient way of managing transactions that has been gaining popularity worldwide. The Indian government first introduced e-invoicing in 2020 for businesses with an annual turnover of over Rs. 500 Crores. The system was then expanded to cover businesses with an annual turnover of over Rs. 100 Crores in 2021, and then to Rs.10 Crores in 2022. The latest decision to reduce the limit to Rs. 5 crore is a crucial step in promoting digital transactions for Indian businesses. Benefits of E-invoicing There are several benefits of e-invoicing for businesses, including:
  • Reduced paperwork: e-invoicing eliminates the need for paper invoices, which can save businesses time and money.
  • Faster payment processing: e-invoices can be processed more quickly than paper invoices, which can help businesses get paid faster.
  • Improved accuracy: e-invoicing can help businesses improve the accuracy of their invoices, which can reduce errors and discrepancies.
  • Increased transparency: e-invoicing provides a digital trail of transactions, which can help businesses improve their transparency and accountability.
  • Reduced risk of fraud: e-invoicing can help businesses reduce the risk of fraud by providing a more secure way to transmit invoices.
The implementation of e-invoicing can be a challenge for some businesses, but the benefits of e-invoicing can outweigh the challenges. Businesses that are not yet compliant with the e-invoicing requirements should start planning for the transition as soon as possible. Camsol Advisory Can Help Businesses with E-invoicing Camsol Advisory is a leading accounting firm in India that specializes in helping businesses comply with government regulations. We have a team of experienced professionals who can help businesses with everything from setting up the e-invoicing system to training their staff on how to use it. In addition, we offer various other IT-related services such as tax audits, responding to IT notices, rectification of errors, preparation and filing of ITR, compliance and documentation, and representation before tax authorities. At Camsol Advisory, our experienced professionals can provide comprehensive assistance to businesses in meeting their regulatory requirements and ensuring compliance with government regulations. Contact Camsol Advisory Today To learn more about how Camsol Advisory can help your business with e-invoicing, please contact us today. We would be happy to answer any of your questions and provide you with a free consultation.
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